RTB Bor contract details after payment

The details of the RTB Bor sale contract will be announced when A-TEC pays the agreed sum, reports say. Vecerenje Novosti learned this from Serbia's officials involved in the deal, who also said the legal deadline for this is ten days from the day of the signing, which can be extended by two weeks. RTB Bor contract details after payment In other words, the Austrian consortium must make the payment by March 10 at the latest. A-TEC acquired the eastern Serbia based copper mining and smelting complex for USD 466mn. The company is also obliged to invest USD 230mn into modernizing production. The contract on transferring exploitation rights and the contract on the sale of the company's property was signed on Feb. 8 in the Serbian government headquarters by Minister of Economy and Regional Development Mladjan Dinkic, Privatization Agency director Vesna Dzinic, A-TEC owner Mirko Kovats, and the company's representative Bernhard Ripel. Last Thursday, the contract was to be made public, but a working meeting was canceled. One reason for this is speculated to be A-TEC's unwillingness to reveal the details of the deal before the transaction is complete. Kovats, who is under obligation to pay the whole amount in cash, says the money will be secured from his company's resources and from bank loans. But Serbia's officials say Kovats may find himself in a bit of a Catch-2, since he can only use the contract to offer RTB assets as collateral for his loan once the sum is paid to the Serbia. Besides this, A-TEC must fulfill other contractual obligations, and obtain a permission to operate from the Competition Commission, before it can claim full ownership of RTB Bor.

RTB Bor contract details after payment

In other words, the Austrian consortium must make the payment by March 10 at the latest.

A-TEC acquired the eastern Serbia based copper mining and smelting complex for USD 466mn.

The company is also obliged to invest USD 230mn into modernizing production.

The contract on transferring exploitation rights and the contract on the sale of the company's property was signed on Feb. 8 in the Serbian government headquarters by Minister of Economy and Regional Development Mlađan Dinkić, Privatization Agency director Vesna Džinić, A-TEC owner Mirko Kovats, and the company's representative Bernhard Ripel.

Last Thursday, the contract was to be made public, but a working meeting was canceled. One reason for this is speculated to be A-TEC's unwillingness to reveal the details of the deal before the transaction is complete.

Kovats, who is under obligation to pay the whole amount in cash, says the money will be secured from his company's resources and from bank loans.

But Serbia's officials say Kovats may find himself in a bit of a Catch-2, since he can only use the contract to offer RTB assets as collateral for his loan once the sum is paid to the Serbia.

Besides this, A-TEC must fulfill other contractual obligations, and obtain a permission to operate from the Competition Commission, before it can claim full ownership of RTB Bor.